Chainlink (LINK) Price News: Tumbles 6% as Technical Breakdown Trumps UBS, FTSE Partnership

Chainlink's native token LINK dropped 6% to $14.59 as it broke through the critical support level of $15.26 on high trading volume, which surged 57.81% above the seven-day average. This price decline occurred despite positive announcements regarding institutional partnerships with UBS and FTSE Russell, which typically would support price increases. The breakdown triggered a descending channel, indicating a broader bearish trend. The significant sell-off saw LINK drop from $15.22 to $14.70 in the final trading hour. As a result, the support zone around $14.50-$14.60 is now critical, with further potential declines towards $14.00 before stabilization might occur. The market response shows how technical trading factors can often overshadow fundamental news in the cryptocurrency space.

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